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Nomura Misled Fannie, Freddie on Mortgage Bonds, U.S. Judge Finds

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Nate Raymond and Jonathan Stempel, REUTERS

 
NEW YORK (Reuters) — A U.S. judge on Monday ruled that Nomura Holdings Inc (8604.T) made false statements in selling mortgage-backed securities to Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) ahead of the 2008 financial crisis.

U.S. District Judge Denise Cote in Manhattan ruled for the Federal Housing Finance Agency, the conservator for Fannie Mae and Freddie Mac, in a ruling that could allow the U.S. regulator to recover around $450 million.

Cote, who presided over a non-jury trial, said the FHFA was entitled to judgment against Nomura and the Royal Bank of Scotland Plc (RBS.L), which underwrote some of the $2 billion in mortgage-backed securities, in light of misstatements they made in offering documents.

“The offering documents did not correctly describe the mortgage loans,” the judge wrote in a 361-page decision. “The magnitude of falsity, conservatively measured, is enormous.”

 

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ESSAY: Technology and Medicine, a Primary Care Point of View 

The COVID-19 pandemic, for example, restricted millions of people to their homes, which required reliance on the internet for communication and information.  Personal internet searches became essential to understanding information about COVID, human physiology, symptoms, and keeping up with vaccine updates.  However, this increase in independent online research resulted in people accessing more misinformation circulating on the internet. This posed a challenge for medical providers trying to treat patients according to research-based guidelines.  With so much information within reach, it was difficult for providers to help their patients distinguish between legitimate evidence-based sources and opinion, speculation, and fabrication.    

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Dr. Adia Scrubb Photo provided by California Black Media..
Dr. Adia Scrubb Photo provided by California Black Media..

Dr. Adia Scrubb
Special to California Black Media Partners

Technology has enhanced communication between medical professionals and patients; improved patient care management; and eased access to care and information, benefiting both patients and medical clinicians.

However, despite the ease and many conveniences these patient care improvements have ushered in, adequate patient care still includes physician supervision, examinations, and interaction, which present challenges for keeping up with demands on the healthcare system and accurate patient education.

Technology has made more educational resources available at our fingertips, and it has created independence for those who want to know more about their bodies.

The COVID-19 pandemic, for example, restricted millions of people to their homes, which required reliance on the internet for communication and information.  Personal internet searches became essential to understanding information about COVID, human physiology, symptoms, and keeping up with vaccine updates.  However, this increase in independent online research resulted in people accessing more misinformation circulating on the internet. This posed a challenge for medical providers trying to treat patients according to research-based guidelines.  With so much information within reach, it was difficult for providers to help their patients distinguish between legitimate evidence-based sources and opinion, speculation, and fabrication.

Nowadays, patients continuously arm themselves with medical information and challenge clinicians with the research they gather from internet sources to advocate for themselves and their care.  This often leaves medical professionals with the complex task of navigating challenging discussions, pointing patients to validated and verified medical information, and following evidence-based medical guidelines for treatment.

Reviewing information before an appointment can certainly make an office visit much more productive, but it is essential to acknowledge the possible bias and limitations of internet searches.  Consideration of the author, source, and date of the information may help determine its validity.

Furthermore, simply asking medical professionals for their preferred patient information resources will direct patients to safe and validated information that is in line with standards of care practices.  This can help patients better understand the recommendations from their doctors and streamline their internet searches.

Access to individual online medical record information, such as blood tests, MRI reports, and office visit notes, has been a significant expansion of technology in medicine. This digitization of medical information enables and positions patients to take a leading role in managing their care.  What used to be multiple sheets of paper in a large file folder is now a click away at any time.  Despite these benefits, instant access can be overwhelming for both patients and medical providers, especially since patients, in many instances, can receive their test results online before the physician has had the opportunity to review them.

Patients may review the office visit notes or their lab results out of context or misinterpret information, which can lead to anxiety, confusion, and fear.  Clinicians are put in a difficult position when they are not able to suddenly break away from their scheduled office visits to reassure an unscheduled patient about their results and next steps.

Medical providers have tools to assist with identifying sensitive results that need urgent review, and efforts are made to notify anxious patients as soon as possible.  However, a patient can be proactive in scheduling a follow-up visit ahead of time to review results with their provider specifically.  This can help patients avoid the stress of suddenly trying to get a hold of their doctor when dealing with unclear or concerning results.  Normal test results often don’t require explanation, but allowing several days for your provider to work through hundreds of test results before sending messages requesting clarification will help medical professionals prioritize their responses to test results based on medical urgency.

Technological improvements such as online messaging and video/telephone appointments have made access to care much easier both for patients and clinicians.  Telephone and video visits have been especially beneficial for patients who are elderly, disabled, or do not have access to transportation.  However, the increase — and ease of — access has created much higher demand for physician time both during and outside of the office visit.  Test results, patient messages, insurance forms, emails, and medication requests are all pouring in while providers conduct their daily scheduled appointments.  Thus, very little time is left in the day for a clinician to respond to every email, fill out every form, and review every lab result when they are responsible for 1,800 or more patients.

This situation, unfortunately, creates a perceived delay in response in a culture where an instant response is expected from messaging and phone calls.  But the reality is that the medical provider is constantly playing catch up to thousands of inquiries due to the around-the-clock online access patients now have.

Patients can make the most of their experience and their physician’s time by taking the time to learn their physician’s communication preferences.  Despite the multiple modalities of access (telephone, email, video, in-person), a medical provider will have a preferred method of communication with their patients.  Some may ask their patients to make an appointment to explain a complex topic, instead of responding to multiple messages. Others may prefer to communicate via phone call if they have to deliver bad news.

There will likely be more medical providers who prefer to communicate only through email or video appointments as remote work becomes more common. If a patient’s communication preferences align with their physician’s preferences, it will create a stronger patient-doctor relationship and foster more effective and impactful communication.

The expansion of technology in medicine has fostered better collaboration, communication, and education between patients and their medical professionals.  Combining electronic resources with rapport, mutual respect, and trust for providers will help patients navigate this new landscape of healthcare.

About the Author   

Dr. Adia Scrubb, MD, MPP, is a Board-Certified Family Medicine Physician currently practicing in Solano County. 

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S.F. Businesswomen Honor Trailblazers at 44th Annual Sojourner Truth Awards and Scholarship Luncheon

This year’s well-deserved award recipients were women who graciously and continuously have served and empowered the Bayview community and beyond.

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Carletta Jackson-Lane, 21st Western District governor of the National Association of the Business and Professional Women’s Club, Inc. sits with honoree Carol E. Tatum the 2025 Sojourner Truth Award recipient of the NAB&PW, Inc. Photo courtesy of Sheryl Smith.
Carletta Jackson-Lane, 21st Western District governor of the National Association of the Business and Professional Women’s Club, Inc. sits with honoree Carol E. Tatum the 2025 Sojourner Truth Award recipient of the NAB&PW, Inc. Photo courtesy of Sheryl Smith.

By Rev. Dr.  Rochelle Frazier
Special to The Post

On Saturday, April 19, the San Francisco Business and Professional Women’s Club (SFBPWC) held its sold-out 44th Annual Sojourner Truth Awards and Scholarship Luncheon at the Southeast Community Center at 1550 Evans Ave. in San Francisco.

The luncheon’s theme was “Moving Forward with a Purpose: From Trailblazers to Game Changers.”

This year’s well-deserved award recipients were women who graciously and continuously have served and empowered the Bayview community and beyond.

Carol Evora Tatum received the National Sojourner Truth Meritorious Service Award for her decades of leadership and dedicated community service.

Brittany Doyle, founder and CEO of WISE Health SF, was honored as the Businesswoman of the Year because of her insightful and innovative business acumen regarding community-centered health programs.

La Shon A. Walker was recognized as the Professional Woman of the Year for her community empowerment and leadership work as the vice president of Community Affairs at FivePoint.

The luncheon also provides an opportunity to present scholarships to well-deserving students. The scholarship awardees were Jayana Harbor and Zari Moore, both graduating from Immaculate Conception Academy, and London Robinson, who is graduating from Raoul Wallenberg Traditional High School.

Harbor plans to attend Morgan State University in Baltimore, Maryland; Moore will attend Loyola University in New Orleans, and Robinson will attend Southern University and A&M College in Baton Rouge, Louisiana.

“The 44th Annual Sojourner Truth Awards and Scholarship Luncheon is more than a celebration,” said Cheryl Smith, president of SFBPWC. “It’s a tribute to the legacy of Black women who have paved the way and made a commitment to uplifting future generations. We are proud to honor extraordinary leaders in our community and invest in the bright minds who will carry us into the future.”

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In 30 Years, Supporters of Swim A Mile | Move A Mile for Women with Cancer Raised $8 Million

Over the last 30 years, participants have raised over $8 million and moved more than 14,000 miles—the equivalent of crossing the United States more than five times. All in support of WCRC’s free cancer services in Alameda and Contra Costa counties.

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Supporters of the Swim A Mile | Move A Mile campaign over the years. At left are swimmers from 2023 and from 2001 (?) at right. Courtesy photos.
Supporters of the Swim A Mile | Move A Mile campaign over the years. At left are swimmers from 2023 and from 2001 (?) at right. Courtesy photos.

By Kate Eaneman
Special to The Post

When staff at the Women’s Cancer Resource Center started a fundraiser in 1995, they weren’t trying to create a high-profile event. They just wanted something meaningful: something that could bring people together to raise funds for East Bay women facing cancer.

They called it the Swim A Mile for Women with Cancer. There were no rankings, no competition, no stopwatch at the end of the lane. Just people swimming a mile at their own pace, in honor or memory of someone they cared about, and raising what they could to support WCRC’s work.

In the years since, the event has shifted and stretched. It’s been held at several pools across the East Bay, including Holy Names and its current home at Northeastern University in Oakland, formerly Mills College. For a few years, a second swim was held in Marin.

And in 2020, the event changed again — this time, out of necessity. With the pandemic forcing large gatherings to stop. It also meant, however, that opportunities were opened. People were invited to swim, walk, or move a mile however and wherever they could. That year, the event became the Swim A Mile | Move A Mile for Women with Cancer, and the name has stuck.

Some participants now ‘move their mile’ from neighborhood parks or home treadmills. Others return to the pool each spring. Whichever they take part, everyone fundraises. That money makes up more than a quarter of WCRC’s annual budget.

Over the last 30 years, participants have raised over $8 million and moved more than 14,000 miles—the equivalent of crossing the United States more than five times. All in support of WCRC’s free cancer services in Alameda and Contra Costa counties.

WCRC was founded in 1986 to serve people facing cancer who were often left out of traditional systems of care. Most clients today are low-income, and the majority are women of color over the age of 50.

The organization provides free therapy, support groups, wellness classes, and patient navigation, all rooted in cultural humility and community connection.

What has kept the event going isn’t marketing or corporate backing. It’s people, many of whom come back year after year. Some swim to honor a friend or family member. Others move in memory of someone they lost. For some, it’s a tradition that’s lasted across generations.

Janet started participating in 1997. At the time, she swam with her children. Now, her grandchildren take part, too. “Yes—it’s my very loving and supportive family,” she said.

She continues to participate each year because she believes in the work. “Raising money to support the services offered by the WCRC keeps me feeling good.” When asked what has stayed with her over the years, she answered simply: “Resiliency and community.”

That’s what Swim A Mile | Move A Mile has represented for 30 years. Not a race. Not a performance. Just people moving together for something that matters.

The 30th annual Swim A Mile | Move A Mile for Women with Cancer will be held May 3–4 at Northeastern University in Oakland (formerly Mills College).

To register, volunteer, or learn more, visit: wcrc.org/swim.

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